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TMI Blog2013 (7) TMI 171X X X X Extracts X X X X X X X X Extracts X X X X ..... ent out of the joint family under a Release Deed and the remaining members continued to the members of joint family - After the death of Laxmaiah Reddy, the assessee became the sole surviving co-parcener and he had executed a Will, in favour of the adopted son. On his death, the Will has become unenforceable - Assessee has given a portion of the property to his wife, that is permissible only if i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstantial question of law that arise for consideration in these appeals is : Whether the property which is the subject matter of the suit is the property belonging to the Hindu Undivided Family or belonging to its members as individual property? 2. It is not in dispute that the property which is the subject matter of the suit, originally belongs to one Venkateshwaraiah. Laxmaiah Reddy son of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . But it is by oral partition which is evidenced by a memorandum of partition dated 6-8-1998. A transaction was entered into by the assessee with the builder for the development of the property. Consideration received by the assessee and his wife is treated as their individual income and assessed to tax. The assessee's contention that it was joint family property income was negatived by the Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... herefore, the authorities were justified in assessing the income derived therefrom as separate property of the Nandagopala Reddy. We do not find any substance in the said contention. 4. The facts are not in dispute. The property originally belonged to Hindu Undivided Family. One of the members of the family went out of the joint family under a Release Deed and the remaining members continued to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roperty only by registered document. In that view of the matter, the Tribunal properly appreciating the material produced before the court has rightly came to the conclusion that the property is a joint family property not the separate property of the assessee or his wife. 5. In that view of the matter, we do not see any merit to interfere with the order passed by the Tribunal. Accordingly, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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